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New business is arriving, but the captives market is not a priority target.
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Latin America and the Caribbean accounted for 4.6% of GWP for Lloyd's in 2023.
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The terrorism product, led by Chaucer, will offer an initial line size of $100mn.
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Initial testing ahead of the switch to a cloud-based system is around a month behind.
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Captive Syndicate 1100, launched in partnership with a “major global client”, will be managed by Apollo.
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Sources said London should dodge the worst deterioration on US liability, but might not escape unscathed.
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The memorandum of understanding will see the two entities share international expertise.
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The move follows work to create a capacity rental venture with members’ agent Argenta.
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The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.
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LMG's latest London Matters report reveals that UK capital has lost ground to the US and Bermuda in some lines.
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The executive said that the Corporation had received net exposure figures for the loss from all syndicates.
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Proposals will be put to the Lloyd’s Council over the coming weeks to take effect from 2025.